Donald Trump's Record of Business Failures and Bluster
Trump claims that his ignorance of most issues he would confront as president is excusable because he will hire “the best people.” Yet another Trump business failure -- Trump Mortgage -- shows that boast doesn’t square with the facts.
Trump hired E.J. Ridings to run Trump Mortgage. Ridings claimed to be a top executive at a prestigious investment bank. In fact, he had only worked on Wall Street as a registered broker for six days. So much for Donald’s eye for talent.
Instead of hiring top talent, the record shows Trump seems to prefer hiring his children.
Perhaps Trump’s most memorable failure, however, was his role in the collapse of the United States Football League. The USFL played in the spring and did well in the first few seasons because it did not have to compete with the NFL.
Enter Donald Trump to foul it up. In the league’s second year he bought the New Jersey Generals. Trump browbeat other owners into moving the USFL schedule from the spring to the fall, thereby taking on the National Football League. That started the fast decline of the USFL.
To make matters worse, Trump threatened a lawsuit against the NFL. He uses the same bluster on the campaign trail, threatening even to sue people who speak ill of him. Trump instigated an antitrust suit against the NFL. The outcome of the lawsuit was a joke, laughed at in law school classrooms to this day: Trump’s USFL lawsuit resulted in a mere $1 in damages (increased to $3 under federal antitrust law).
Think about that next time you hear Trump threaten to sue someone, or talk about his record in the courtroom.
Throughout all of Trump’s bankruptcies, business scams, and failed gambles, however, there has only been one constant -- Donald Trump’s ability to come out on top. When he outsources jobs to China or rips off those who attended Trump University, it is American workers who bear the cost of his dealings, not Donald Trump.
Trump makes much of the claim that he is “self-funding” his campaign and thus immune to typical political pressures. Despite that claim, Trump is taking donations from the public.
When Ted Cruz stood up against the powerful ethanol lobby in Iowa, not only did Donald Trump refuse to do so, he actually led the charge on behalf of the ethanol interests. And how did Trump respond to his loss? He threatened to sue.
Standing up to special interests requires actually doing something to stand up against special interests, not just talking about it. Standing up for American workers and families actually means doing something to open markets and promote regulatory reform, not just hypocritically talking about it while looking out for himself at the expense of others.
Then there was Trump Air. The man who wants to be president managed to crash an airline focused on the lucrative Washington to New York shuttle market. Instead of offering a better product, Trump attempted to beat the competing Pan Am Shuttle by blustering that his competitor wasn’t safe. If that wasn’t enough, Trump wanted to overhaul his planes in style only Woody Allen’s Frenchy Fox-Winkler could appreciate. Trump wanted marble vanities in the lavatories and brass handles on the emergency exit handles.
Donald Trump is running a presidential campaign built on culture instead of ideology and issues. It is a culture furious with President Obama’s lawlessness and the failure of congressional Republicans to stop him. Unfortunately, the real culture of Donald Trump is a culture of bombast, bluster, and serial business failure. Perhaps this is the sort of person Americans want in the White House. Or perhaps they don’t know the sort of person Trump is.